The G20 Summit has wrapped up in Hangzhou, China after two days' sitting, discussing many measures to boost global trade.
All the discussions focused on the theme “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy."
In his opening speech at the summit, Chinese President Xi Jinping pointed out the risks facing the global economy. Mr Xi called for strengthened measures to boost trade exchanges and investment and prevent protectionism.
The call was well supported by G20 member countries who showed their determination by agreeing to set up a G20 taskforce to push forward innovation and organize the first Meeting of Digital Technological Ministers next year.
They wanted to organize the Meeting of Finance Ministers and Bank Governors and the Meeting of Trade Ministers to create momentum for the growth of the world economy.
UN Secretary General Ban Ki Moon said the summit had made progress on an action plan for a sustainable development program. He called on countries to enhance cooperation to implement the sustainable development program.
Head of the International Research at ICBC Cheng Shi said that the G20 Summit arrived at a consensus and had the strength to build a mechanism to stabilize and support the recovery and sustainability of the world economy.
But there remain numerous challenges for G20 members. In economic restructuring toward sustainability, many countries are negatively impacted by surplus production and trade protection.
Therefore, promoting trade liberalization and building sustainable and equitable financial mechanisms are the main aims of the G20 and other countries.
Robert Azevedo of the World Trade Organization said it was important to remove increasing barriers of trade protection between countries in the region.
The 11th G20 summit takes place amidst the unstable recovery of the world economy. Prior to the summit, the International Monetary Fund warned of further reducing its forecast for growth in the world economy this year. In such a context, the public hopes that the consensus reached at this summit will boost global trade.
